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 Lawful consideration:

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Ch#1
CONTRACT ACT 1872
LAW:
A set of rules / body of principles recognized and enforced for the enforcement of
justice.
Contract [sec 2(h)]:
An agreement enforceable by law.
Agreement [sec 2(e)]:
Every promise or set of promises forming consideration for each other is an
agreement.
Promise [sec 2(b)]:
An accepted proposal becomes a promise.
Accepted proposal [2(b)]:
When a person to whom an offer is made signifies his assent thereto the proposal
is said to be accepted.
Offer [2(a)]:
When a person signifies to another, his willingness to do or to abstain from doing
anything with a view to obtaining the assent of that other to such act or
abstinence, he is said to make an offer.
Section 10 :
All agreements are contracts if they are made by the free consent of all the
parties, competent to contract, for a lawful consideration, with a lawful object
and here by expressly declared to be void.
Essentials of a valid contract:

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1. Agreement
2. Legal relationship
3. Lawful consideration
4. Lawful object
5. Free consent of parties
6. Capacity of parties
7. Certainty
8. Possibility of performance
9. Writing & registration
10. Not expressly declared to be void
Consent [sec 13]:
Two or more persons are said to be on consent when they agreed upon the same
thing in the same sense.
Free consent [sec 14]:
Consent is said to be free when it is not used by coercion, undue influence,
misrepresentation, fraud or mistake.
Lawful consideration:
Consideration will be lawful if;
1. It is not illegal
2. It is not immoral
3. It does not involve injury to person or property
4. It is not against the public policy
5. It does not defeat any provision of law
6. It is not fraudulent
Certainty:
The terms and conditions must be certain/clear (must not vague).
Writing and registration:
All contracts may be oral

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Ch#1 CONTRACT ACT 1872 LAW: A set of rules / body of principles recognized and enforced for the enforcement of justice. Contract [sec 2(h)]: An agreement enforceable by law. Agreement [sec 2(e)]: Every promise or set of promises forming consideration for each other is an agreement. Promise [sec 2(b)]: An accepted proposal becomes a promise. Accepted proposal [2(b)]: When a person to whom an offer is made signifies his assent thereto the proposal is said to be accepted. Offer [2(a)]: When a person signifies to another, his willingness to do or to abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence, he is said to make an offer. Section 10 : All agreements are contracts if they are made by the free consent of all the parties, competent to contract, for a lawful consideration, with a lawful object and here by expressly declared to be vo ...
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